Jun 5, 2017

Apple debuts peer-to-peer payments on iOS

Screenshot by Axios

Apple is finally rolling out peer-to-peer payments as part of its update to iOS 11, the company announced on Monday at its annual developer conference in San Jose. The feature is part of Apple Pay, the tech giant's digital payments service, and can be accessed via iMessage, making it easy to send money right from a chat conversation with another user.

Taking on the competition: The much-rumored feature puts Apple in direct competition with services like PayPal's Venmo app and Square's Cash. Apple Pay, which is already available as an alternative to credit cards for paying in store and online, has been steadily growing in popularity, so its new peer-to-peer feature is sure to make existing competitors nervous. With that said, the feature only works for Apple Pay users, so people will won't be able to use it for payments to or from Android users.

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Coronavirus spreads to more countries, and U.S. ups its case count

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. Meanwhile, Italy reported its first virus-related death on Friday.

The big picture: COVID-19 has now killed at least 2,359 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

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Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.